When it comes to investing in fixed income in 2025, many investors are asking the same question: Is it better to invest in the Direct Treasury Prefixed 2032 or in a Prefixed LCA (Letra de Crédito do Agronegócio)? Both options offer predictability of returns, but they have important differences that can directly impact profitability.
In this article, we will analyze in detail which one yields more right now and which strategy makes the most sense depending on your investor profile.
What is the Direct Treasury Prefixed 2032?
The Direct Treasury Prefixed 2032 is a government bond with a fixed interest rate that matures in 2032. When you buy this bond, you already know the exact return you will receive at maturity, as long as you hold it until the end.
- Main advantages:
- Guaranteed by the National Treasury (the lowest credit risk in Brazil).
- Predictable profitability until maturity.
- Accessibility: you can invest with small amounts starting at R$30.
- Risks to consider:
- Mark-to-market fluctuations (if you sell before 2032, you may lose money if interest rates rise).
- Taxation with Income Tax (IR), which reduces the net return.
What is a Prefixed LCA?
The Prefixed LCA (Letra de Crédito do Agronegócio) is a fixed-income security issued by banks to finance agribusiness. Like the Direct Treasury, it can also offer fixed profitability defined at the time of purchase.
- Main advantages:
- Income Tax exemption for individuals (biggest differential compared to Treasury Direct).
- Daily liquidity, depending on the issuing bank.
- Protection by the FGC (Credit Guarantee Fund) up to R$250,000 per CPF per institution.
- Risks to consider:
- Credit risk of the issuing bank (although reduced with FGC protection).
- Smaller secondary market (less liquidity compared to Treasury Direct).
Which Yields More Now?
Currently, many Prefixed LCAs offer rates between 10.5% and 11.2% per year, with total exemption from Income Tax.
Meanwhile, the Direct Treasury Prefixed 2032 pays around 11.5% to 11.8% per year. However, when discounting the Income Tax (which can reach 15% on long-term investments), the net return of the Treasury tends to be lower than that of the LCA.
📊 Example calculation for a 7-year horizon (2025 to 2032):
- Direct Treasury Prefixed 2032: 11.7% per year → after IR (15%), net ≈ 9.95% per year
- Prefixed LCA: 11% per year → no IR → net = 11% per year
👉 Result: The Prefixed LCA yields more in net terms than the Direct Treasury Prefixed 2032.
Which One Should You Choose?
- If you want maximum security, the Direct Treasury Prefixed 2032 is unbeatable, since it is backed by the government.
- If your focus is maximum net profitability, the Prefixed LCA is the best option today because of the IR exemption.
- If you value liquidity and the ability to sell at any time, Treasury Direct is more flexible.
Conclusion
In 2025, Prefixed LCAs are yielding more than the Direct Treasury Prefixed 2032 in net terms due to the IR exemption. However, the final decision should consider your profile:
- Conservative → Treasury Direct.
- Profit-oriented → Prefixed LCA.
- Balanced investor → Diversification between both.
The smartest strategy is to diversify and take advantage of the best of both worlds.
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